Quicken Classic Mac Home & Business: S Corp Mapping US Schedule C to 1120S

yarkn

Here is a draft :D.

Sequential Mapping of Schedule C to 1120S:

I will list the Schedule C line items, followed by the closest corresponding 1120S line item or identify if no direct match exists.

1. Schedule C - Line 1: Gross Receipts or Sales
   • 1120S - Line 1a: Gross Receipts or Sales
     Mapped ✔️
2. Schedule C - Line 4: Cost of Goods Sold (COGS)
   • 1120S - Line 2: Cost of Goods Sold (COGS)
     Mapped ✔️
3. Schedule C - Line 8: Advertising
   • 1120S - Line 12: Advertising
     Mapped ✔️
4. Schedule C - Line 9: Car and Truck Expenses
   • 1120S - Reported via Schedule K-1, Box 13 (Code A)
     Mapped Indirectly ✔️ (Part of shareholder deductions for pass-through expenses)
5. Schedule C - Line 10: Commissions and Fees
   • 1120S - Line 9: Other Deductions
     Mapped ✔️
6. Schedule C - Line 11: Contract Labor
   • 1120S - Line 9: Other Deductions
     Mapped ✔️
7. Schedule C - Line 12: Depletion
   • No equivalent line in 1120S
     Unmapped ❌
8. Schedule C - Line 13: Depreciation
   • 1120S - Line 14: Depreciation (Form 4562)
     Mapped ✔️
9. Schedule C - Line 14: Employee Benefit Programs
   • 1120S - Line 18: Pension, profit-sharing, etc.
     Mapped ✔️
10. Schedule C - Line 15: Insurance
    • 1120S - Line 19: Insurance (Other)
      Mapped ✔️
11. Schedule C - Line 16: Interest (Mortgage)
    • 1120S - Line 15: Interest Paid
      Mapped ✔️
12. Schedule C - Line 17: Interest (Other)
    • 1120S - Line 15: Interest Paid
      Mapped ✔️
13. Schedule C - Line 18: Legal and Professional Services
    • 1120S - Line 12: Legal and Professional Fees
      Mapped ✔️
14. Schedule C - Line 19: Office Expenses
    • 1120S - Line 18: Office Expense
      Mapped ✔️
15. Schedule C - Line 20: Pension and Profit-Sharing Plans
    • 1120S - Line 18: Pension, profit-sharing, etc.
      Mapped ✔️
16. Schedule C - Line 21: Rent or Lease (Vehicles, Machinery, Equipment)
    • 1120S - Line 11: Rent on Business Property
      Mapped ✔️
17. Schedule C - Line 22: Rent or Lease (Other Business Property)
    • 1120S - Line 11: Rent on Business Property
      Mapped ✔️
18. Schedule C - Line 23: Repairs and Maintenance
    • 1120S - Line 10: Repairs and Maintenance
      Mapped ✔️
19. Schedule C - Line 24: Supplies
    • 1120S - Line 20: Supplies
      Mapped ✔️
20. Schedule C - Line 25: Taxes and Licenses
    • 1120S - Line 17: Taxes and Licenses
      Mapped ✔️
21. Schedule C - Line 26: Travel
    • 1120S - Line 9: Other Deductions
      Mapped ✔️
22. Schedule C - Line 27: Meals and Entertainment
    • 1120S - Line 9: Other Deductions (Meals)
      Mapped ✔️
23. Schedule C - Line 28: Utilities
    • 1120S - Line 18: Utilities
      Mapped ✔️
24. Schedule C - Line 29: Wages
    • 1120S - Line 13: Wages
      Mapped ✔️
25. Schedule C - Line 30: Other Expenses
    • 1120S - Line 9: Other Deductions
      Mapped ✔️

Unmapped Schedule C Lines:

• Line 12: Depletion (No equivalent in 1120S)

Unmapped 1120S Lines:

• Line 3: Gross Profit (This is calculated within Form 1120S)
• Line 4: Net Gain or Loss
• Line 5: Other Income
• Line 7: Compensation of Officers
• Line 8: Salaries and Wages (for officers and employees, distinct from sole proprietorship wages)

Quicken Jasmine

Hello @yarkn,

Thank you for sharing!